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India opens doors further for Pakistan
KARACHI:
After allowing foreign direct investment from Pakistan, India has approved reduced sensitive trade list by 30% and also allowed Pakistanis to purchase shares in Indian companies.
Gilani, in a statement while commenting on the recently concluded successful visit of a Pakistani parliamentary delegation to India, said Indias decision to allow Pakistani investors to invest in that country and also permission to buy shares in their stock market, including opening of bank branches by the respective countries, were a significant development, he said.
India approved reduction of 30% (264 tariff lines) from the SAFTA Sensitive list for Non Least Developed Countries (NLDCs) allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalisation on August 17, 2012, according to a press statement issued by High Commission of India in Islamabad. This shall reduce Indias sensitive list for Pakistan from 878 to 614 tariff lines.
The bilateral trade dialogue with Pakistan resumed in April 2011. Sustained discussions at various levels resulted in the drawing of a roadmap for an uninterruptible and irreversible trade liberalisation process. India has also agreed upon a liberalised visa regime and opened Integrated Check Post to encourage two-way trade.
Both countries have held huge exhibitions in each others countries in a bid to boost trade. Official bilateral trade between India and Pakistan is just $2.7 billion annually and heavily tilted in New Delhis favour. But Indian and Pakistani business community have estimated that up to $10 billion worth of goods are routed illicitly, carried by donkeys through Afghanistan or shipped by container from Singapore and Dubai.
The Reserve Bank of India decided on August 22, 2012 that a Pakistani citizen may, with the prior approval of the Foreign Investment Promotion Board of India, purchase shares and convertible debentures of an Indian company, under Foreign Direct Investment Scheme. Such Indian company should not engage in sectors pertaining to defence, space and the atomic energy, adds the statement.
KARACHI:
After allowing foreign direct investment from Pakistan, India has approved reduced sensitive trade list by 30% and also allowed Pakistanis to purchase shares in Indian companies.
Gilani, in a statement while commenting on the recently concluded successful visit of a Pakistani parliamentary delegation to India, said Indias decision to allow Pakistani investors to invest in that country and also permission to buy shares in their stock market, including opening of bank branches by the respective countries, were a significant development, he said.
India approved reduction of 30% (264 tariff lines) from the SAFTA Sensitive list for Non Least Developed Countries (NLDCs) allowing the peak tariff rates to reduce to 5% within three years, as per agreed SAFTA process of tariff liberalisation on August 17, 2012, according to a press statement issued by High Commission of India in Islamabad. This shall reduce Indias sensitive list for Pakistan from 878 to 614 tariff lines.
The bilateral trade dialogue with Pakistan resumed in April 2011. Sustained discussions at various levels resulted in the drawing of a roadmap for an uninterruptible and irreversible trade liberalisation process. India has also agreed upon a liberalised visa regime and opened Integrated Check Post to encourage two-way trade.
Both countries have held huge exhibitions in each others countries in a bid to boost trade. Official bilateral trade between India and Pakistan is just $2.7 billion annually and heavily tilted in New Delhis favour. But Indian and Pakistani business community have estimated that up to $10 billion worth of goods are routed illicitly, carried by donkeys through Afghanistan or shipped by container from Singapore and Dubai.
The Reserve Bank of India decided on August 22, 2012 that a Pakistani citizen may, with the prior approval of the Foreign Investment Promotion Board of India, purchase shares and convertible debentures of an Indian company, under Foreign Direct Investment Scheme. Such Indian company should not engage in sectors pertaining to defence, space and the atomic energy, adds the statement.
